1. Field of the Invention
The present invention generally relates to using a transaction card account to make recurring loan payments.
2. Related Art
Many loan companies (e.g., mortgage lenders) currently do not offer consumers the ability to make recurring loan payments (e.g., monthly mortgage payments) using a transaction card account. As a result, consumers are left with conventional payment vehicles, e.g., checks and electronic checks through Automated Clearing House (ACE), which may not be flexible, convenient and/or secure. For example, many consumers feel checks are inconvenient and often lead to late payments. With ACH, many consumers feel that providing checking account info and having money automatically deducted from checking accounts is not safe or reliable.
Given the foregoing, what is needed is a system, method and computer program product for using a transaction card account to make recurring loan payments.